Major Department

Accounting

College

College of Business

Degree

BBA (Bachelor of Business Administration)

Session and Year of Graduation

Spring 2021

Honors Major Advisor

John P. Murry, Jr.

Thesis Mentor

Cristi Gleason

Abstract

IFRS had been adopted by 166 countries, with the U.S. being a notable exception. The U.S. still uses GAAP as its reporting framework. Comparability of financial statements should be an important factor in evaluating the best frameworks. I collected data about operating leases of domestic and international airlines to compare the disclosures between IFRS and GAAP for the two reporting frameworks. The international airlines had more inconsistencies with the reported items, whereas the domestic airlines all reported the same items under GAAP standards, making it easier to compare the companies. My preliminary research of the new leasing standards under both GAAP and IFRS show that GAAP is a better reporting framework for comparability, and the U.S. should not adopt IFRS as it would compromise that comparability.

Keywords

GAAP, IFRS, comparability, leases, frameworks

Total Pages

19

Copyright

Copyright © 2021 Stephanie Herzog

Included in

Accounting Commons

COinS
 

URL

https://ir.uiowa.edu/honors_theses/383